The Return Of IndyRent
I wish this story did not seem so preposterous, but it is. If you recall a few weeks ago we shared that IndyRent had received a new batch of federal funding and was starting back up. The caveats included the funds were only available to tenants who already had an eviction filed against them. The purpose of course is to help people who truly have life challenges that are causing them to struggle to pay their rent. And here is the irony.
Irony #1- We now have tenants not paying rent and requesting for us to expedite the eviction process so they will qualify for this free money. They actually want an eviction filing on their record to qualify for IndyRent.
Irony #2- So we now are filing an increased amount of eviction cases after completing all the processing to do so. In some cases, we hear nothing from the tenant until the eviction case is filed. We then receive a phone call from the tenant asking us for the case number and requesting us to complete our portion of the paperwork.
Irony #3- Most eviction cases are scheduled 3 weeks out after filing. We have been told by IndyRent representatives that it is a 30 to 60 day process to review, approve and release funds. So, we mostly have passed on playing the game.
Irony #4- If the landlord does not complete the paperwork, and it is determined that the tenant qualifies, IndyRent will give the funds to the tenant. Then the tenant can decide what to do.
Irony #5- If you are not convinced there is irony in any of the above points, consider this. IndyRent is now stationed in Marion County eviction courts. The Judges are sending the defaulted tenant back to IndyRent representatives and refusing to hear the eviction case until IndyRent tells the Judge if they think they can help. So, all the work of getting to court, (costing the owner money and our time) and we know it could take another 30 to 60 days for a resolution!
This week we had one of these cases and the tenant went to the back of the court where IndyRent was set up, accompanied by our staff member (who had no other choice). They did not qualify because they had already received 12 months of assistance money!
The final Irony! The same tenant was given 21 days to vacate the rental by the Judge with no eviction on their record. Also, we cannot state we filed eviction against them (good luck on application processing success with this information redacted)!
Moral of the story- there is a place for rental assistance. It needs to be offered long before evictions are filed. It also should be simple to apply for and find out quickly if you are approved. Before your credit is damaged!
Real estate remains one of the best, most dependable investment vehicles you can choose. Just understand we live in times where there are new risks presented to owners, and there is little that can be done to mitigate them.
The risk still seems better than S&P stocks losing 25% last year!
All the Best! WILMOTH Team
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